There is enormous potential to release back into the economy more of the R2,5 trillion in outstanding personal debt that South Africans owe.
According to the National Debt Counsellors’ Association (NDCA), around R70 - R100 billion of this outstanding debt belongs to consumers who are in debt counselling, with estimated R15 billion currently being paid back annually.
“South Africa has a world-class debt-counselling system, which has been proven to work. It’s conceivable that if more people sought help to manage their debt, the R15 billion being returned to the economy annually could be increased to R25 billion,” says NDCA chairperson, Benay Sager.
Read the article on IOL.